Today, interest rate cut! Several major state-owned banks officially announced a reduction in deposit rates.

On the morning of May 20, Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BOCOM), Postal Savings Bank of China (PSBC), and China Merchants Bank (CMB) all announced reductions in their deposit interest rates, with the reductions aligned with their published rates.

The one-year fixed deposit interest rates collectively fell below 1%, with PSBC's one-year deposit rate dropping to 0.98%, and the other major banks (ICBC, ABC, BOC, CCB, CMB) all adjusting theirs to 0.95%.

ICBC Cuts RMB Deposit Interest Rates, Maximum Reduction of 25 Basis Points

On May 20, Industrial and Commercial Bank of China reduced its RMB deposit interest rates, with the demand deposit rate falling by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all reduced by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The rates for three-year and five-year terms were both reduced by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with lump-sum deposit and staggered withdrawal, fixed deposits with staggered deposit and lump-sum withdrawal, and fixed deposits with principal kept intact and interest withdrawn for all three terms were all reduced by 15 basis points. The seven-day call deposit interest rate was reduced by 15 basis points to 0.3%.

ABC Cuts RMB Deposit Interest Rates, Maximum Reduction of 25 Basis Points

On May 20, Agricultural Bank of China reduced its RMB deposit interest rates, with the demand deposit rate falling by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all reduced by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The rates for three-year and five-year terms were both reduced by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with lump-sum deposit and staggered withdrawal, fixed deposits with staggered deposit and lump-sum withdrawal, and fixed deposits with principal kept intact and interest withdrawn for all three terms were all reduced by 15 basis points. The seven-day call deposit interest rate was reduced by 15 basis points to 0.3%.

Bank of China Cuts RMB Deposit Interest Rates

On May 20, Bank of China reduced its RMB deposit interest rates, with the demand deposit rate falling by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all reduced by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The rates for three-year and five-year terms were both reduced by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed deposits with lump-sum deposit and staggered withdrawal, fixed deposits with staggered deposit and lump-sum withdrawal, and fixed deposits with principal kept intact and interest withdrawn for all three terms were all reduced by 15 basis points. The seven-day call deposit interest rate was reduced by 15 basis points to 0.3%.

China Construction Bank Cuts Deposit Interest Rates, One-Year Fixed Deposit Falls Below 1%

On May 20, China Construction Bank reduced its RMB deposit interest rates, with the demand deposit rate falling by 5 basis points to 0.05%. The interest rates for fixed deposits with lump-sum deposit and withdrawal for three-month, six-month, one-year, and two-year terms were all reduced by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The rates for three-year and five-year terms were both reduced by 25 basis points to 1.25% and 1.3%, respectively. The interest rates for fixed-term deposits with small regular deposits, fixed-term deposits with partial withdrawals, and fixed-term principal deposits with interest withdrawals all fell by 15 basis points across all tenors. The interest rate for 7-day call deposits was reduced by 15 basis points to 0.3%.

Bank of Communications Lowers RMB Deposit Rates

Bank of Communications lowered its RMB deposit rates, with the demand deposit rate reduced by 5 basis points to 0.05%. The interest rates for fixed-term lump-sum deposits with maturities of three months, six months, one year, and two years were all reduced by 15 basis points, to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for fixed-term lump-sum deposits with maturities of three years and five years were both reduced by 25 basis points, to 1.25% and 1.3%, respectively. The interest rates for fixed-term deposits with small regular deposits, fixed-term deposits with partial withdrawals, and fixed-term principal deposits with interest withdrawals all fell by 15 basis points across all tenors. The interest rate for 7-day call deposits was reduced by 15 basis points to 0.3%.

Postal Savings Bank of China Lowers RMB Deposit Rates, with 1-Year Rate Reduced by 15 Basis Points to 0.98%

On May 20, Postal Savings Bank of China lowered its RMB deposit rates for multiple tenors. The demand deposit rate was reduced to 0.05%. The interest rates for fixed-term deposits with maturities of three months, six months, one year, three years, and five years were all reduced, to 0.65%, 0.86%, 0.98%, 1.25%, and 1.30%, respectively.

China Merchants Bank Lowers RMB Deposit Rates

China Merchants Bank lowered its RMB deposit rates, with the demand deposit rate reduced by 5 basis points to 0.05%. The interest rates for fixed-term lump-sum deposits with maturities of three months, six months, one year, and two years were all reduced by 15 basis points, to 0.65%, 0.85%, 0.95%, and 1.05%, respectively. The interest rates for fixed-term lump-sum deposits with maturities of three years and five years were both reduced by 25 basis points, to 1.25% and 1.3%, respectively. The interest rates for fixed-term deposits with small regular deposits, fixed-term deposits with partial withdrawals, and fixed-term principal deposits with interest withdrawals all fell by 15 basis points across all tenors. The interest rate for 7-day call deposits was reduced by 15 basis points to 0.3%.